Do I need Personal Accident Insurance If I Have Health Insurance?
Wondering if you should purchase personal accident insurance if you already have health insurance in Thailand? Let’s take a look at some of the difference between the two policies.
What Distinguishes Personal Accident Insurance From Health Insurance?
What makes health insurance and personal accident insurance different? To make it easier for you to understand both insurances we have summarised and simplified them in the section below:
- Personal Accident Insurance compensates victims of accidents for serious injury, disability, organ loss, or death, excluding medical expenses and any other expenses incurred as a result of illness. Health insurance, on the other hand, only protects against costly medical expenses and does not cover any costs incurred as a result of an accident.
- If the insured loses a hand, toes, or eyesight or dies as a result of the accident, personal accident insurance will pay the full amount of the insured sum only if they happen as a result of an accident, however, health insurance might not cover loss of limbs.
- Income compensation is provided by personal accident insurance. If an insured is involved in an accident and a doctor determines that they are unable to work, they may be admitted to a hospital and ask for income compensation. Personal accident insurance provides income compensation to the extent specified in the policy. Health insurance, on the other hand, does not, unless the insured paid for additional coverage.
- Personal Accident Insurance allows you to file a claim for both IPD and OPD cases and covers medical expenses incurred as a result of accidents that are not covered by the policy’s exclusions. In contrast, health insurance mostly covers IPD, but not OPD and the coverage can be extended by purchasing add-ons, which raises the premium.
- Most insurers will charge the same premium for Personal Accident Insurance for everyone who purchases the same policy. This means that you only have to pay once and get a year’s worth of coverage (annual contract). With health insurance, the premium can be different from one person to another, depending on various factors.
Key Points
- Personal Accident Insurance covers accidents, whereas Health Insurance covers any medical expenses due to an illness and injury.
- Health insurance policies usually have higher premiums, whereas a personal accident policy is less expensive because it only covers medical treatments during an accident.
- Both health and personal accident policies balance each other out and serve different purposes.
What’s the Difference Between Health Insurance and Personal Accident Insurance’s Medical Coverage?
A health insurance policy provides comprehensive financial coverage for any medical expenses incurred as a result of any illness, injury or other medical condition. It provides broader coverage because it covers a wide range of medical situations. Whereas personal accident insurance, only covers you in the event of an accident. If you need medical treatment that isn’t caused by accidents, you will not receive any compensation.
Scope of Coverage
Understandably, health insurance encompasses a wider range of medical expenses. It’s designed to help you safeguard against potential costs incurred due to illnesses and injuries. Moreover, it includes accidental occurrences and encompasses vital aspects of healthcare such as ongoing needs, preventive care, and chronic conditions.
On the flip side, personal accident insurance, as evident from its nomenclature, offers coverage concentrating on the aftermath of accidents. Specifically, it provides financial protection in circumstances involving accidental injuries, disabilities, or in the unfortunate event of death.
Benefits
Diving further into their benefits, health insurance proves to be protective gear for your pockets when it comes to healthcare expenses. It includes coverage for routine doctor visits, required hospital stays, prescribed medications, essential diagnostic tests, vital surgeries, and more.
Meanwhile, personal accident insurance takes the spotlight in catering to financial protection, specifically for accidental injuries. Although it presents a more limited scope of coverage, its benefits can be particularly beneficial if an unexpected accident results in severe injury, disability, or death.
Both insurnacne policies can serve as a safety net in times of needs.
Is Personal Accident Insurance Necessary If I Already Have Health Insurance?
A personal accident insurance policy has a much lower premium than health insurance. Some insurers offer accident coverage or allow the insured to purchase OPD or additional accident add-ons. If your health insurance plan covers accidents. We recommend that you check your insurance policy to see if it covers all types of claims. These are a few examples:
- Coverage for organ and vision loss as a result of an accident.
- Coverage for accidental death or disability.
- Medical expenses incurred as a result of the OPD case.
- Financial compensation.
- Funeral expenses in the event of accidental death.
If your health insurance policy does not cover them, you may need to purchase Personal Accident Insurance to get all of the important coverage and avoid future emergency expenses. This means that you must check not only the coverage condition but also the sum insured to see if it is sufficient.
Choosing an insurance plan will provide you and your family with a solid foundation of protection against any problems that may arise along the way.
How Do Health Insurance and Personal Accident Insurance Cover Pre and Post-Hospitalisation Expenses?
Pre-hospitalisation expenses cover any illness or medical condition that occurs 30 days before the insured person is admitted to the hospital, whereas post-hospitalisation expenses cover expenses incurred 60 days after the insured person is discharged from the hospital.
Health Insurance Coverage
Health insurance diverges into pre-hospitalisation and post-hospitalisation provisions. These components carry unique attributes.
- Pre-Hospitalisation: Health insurance picks up costs connected to pre-hospitalisation. This coverage aligns with expenses accrued before a patient’s hospitalisation. For instance, if a person needs medical tests before undergoing surgery, these costs fall under pre-hospitalisation.
- Post-Hospitalisation: Post-hospitalisation costs, those cropping up after a patient’s hospital discharge due to illness or injury, also sit under health insurance’s umbrella. This segment might cover post-operative physiotherapy or medication required after discharge.
In its essence, health insurance offers a broad coverage net, catching both pre- and post-hospitalisation expenses.
Personal Accident Insurance Coverage
Personal Accident Insurance, on the other hand, holds a strong focus on the treatment of medical injuries prompted by accidents. It hones in on two primary areas.
- Accident-Related Hospitalisation: Personal Accident Insurance covers hospitalisation fees bound with accident-induced medical treatment. Suppose a policyholder meets with an unfortunate accident, prompt hospitalisation expenses would fall under this insurance.
- Lump Sum Payout: Whereas pre- and post-hospitalisation coverage isn’t inherently a part of Personal Accident Insurance, it does hand over a lump sum amount during hospitalisation due to an accident. For example, if the insured person gets hospitalised following a fall, the insurance provider disburses a pre-decided amount for the hospital stay.
A health insurance policy will pay for both pre and post-hospitalisation expenses, but only for a limited number of days. Since personal accident insurance provides you with a lump sum amount, you are free to choose whether the money is used for pre and post-hospitalisation or hospitalisation only.